Starting a business in this economy

by krull
18 replies
Something that worries me is the economy. I'm launching a business in the next couple of months. The things I'm worried about are people complaining about prices because of the economy, people not having enough money to afford what you're selling, and also that I'm just not sure if now is the right time to launch this. Because as far as I can tell, things have been predicted to only get worse.

If any of that is true, especially the prediction of things getting worse, it's going to make it extremely difficult to succeed and that really kills your inspiration. I'm sure that some people will be able to start businesses in current time and succeed, but it's worrying me a bit that it won't be as great as I think due to the economy. I want to do this full time.

Thoughts?
#business #economy #starting
  • Profile picture of the author Louise Green
    This year has been my best so far, the state of the economy has been good for my business.

    Don't let it put you off taking action.
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    • Profile picture of the author sdentrepreneur
      I personally would not start a brick and mortar business anytime soon. I was in the gas station auto repair business for 18 years. I am full time Internet Marketer since 2007 and make way more than gas stations. No employees, no rent or sales taxes. This is just my opinion, if you are committed to a retail business then make sure you learn Internet Marketing for a retail business. Good Luck !!!
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  • Profile picture of the author Lisa Gergets
    Honey, this economy is no match for us Internet Marketers! I've found that I've been busier simply because more people are looking at how to make "alternative" incomes.

    You can DO IT!
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    • Profile picture of the author krull
      Well see I'm not involved in an IM niche (yet...). What I do is a completely different thing. Now honestly, I can see an IM niche making me LOTS more money than this other niche I'm involved in. A reason why I'm doing IM in the first place is because of what you pointed out. People are looking to make extra cash. But for those other niches that have nothing to do with that, I'm not sure if they're suffering this time around.
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  • Profile picture of the author TheRichJerksNet
    I personally do not see any downside to the economy, does not and has not effected my business one bit... Will things get worse ? nobody can say 100% for sure it will or it will not.

    The best thing to do is strive forward with your business and make it work the best way it can work for you.. People spend money today just like they did 5 years ago.. Come on look at all the "stupid" crap on infomercials, those people make a killing..

    James
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  • Profile picture of the author Lisa Gergets
    Well, you know, there will always be people around who can afford to spend money...it's as sure a thing as death and taxes. So there's always a niche ready to be filled or a new way of doing things that no one's done before...

    You just need to find it and work it!
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  • Profile picture of the author edhan
    Economy always like a roller coaster and it does not mean all businesses are in bad shape. Some are still doing fine.

    You can start off something small first and once things get moving, then you can expand.

    Things that always take us back is sometimes we worry too much. At times we must take action though there may be some risks. If you don't do it, you will never know if you can make it or not.

    Do a little research and go for it.
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    • Profile picture of the author rockstar99
      When you start a business you should have one thing in mind...customer service. If you have a good customer service, a great easy to use layout, and a product people are demanding - than you will be fine.

      Research Zappos. They are and online show company that did about 1 billion in revenue this year.

      This is the BEST time to start a business.
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  • Profile picture of the author michael_nguyen
    I start a new business everytime I purchase a domain name! You just need to give people what they want.

    https://adwords.google.com/select/KeywordToolExternal

    ^ That alone is powerful! It tells you what they want, the search volumes are there, the trends are there, Amazon associates is there, all you need to do is create the site and give it to them. Again this is easier said then done because
    you need a system in place. If you don't know the process (and this goes for anything in life) you won't get very far.
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  • Profile picture of the author matts5150
    Now is a great time to start a new business, just remember however you need enough capital to carry you through until it's profitable or an alternate source of steady income.
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  • Profile picture of the author money2k
    You need to just jump in. That is what I am going to do early next year....
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  • Profile picture of the author 1960Texan
    My wife and I sold a thriving service business last year just before the economy tanked. In February of this year we forged ahead with our new retail business, a gourmet wine and cheese shop, in a town we'd just moved to with about 50,000 people in it.

    I'm not going to lie to you, we were worried as hell that we were making a mistake and seriously considered hanging on to the proceeds from the service business, rather than pouring most of our funds into a new retail venture. We were in a strange town where we knew absolutely no one, and pushing fifty. The thing is, we really believed that we could make a go of this, and so far we've exceeded our expectations. I think there are several factors that have enabled us to do well in a bad economy, relevant to any business:

    1. As has already been noted in this thread, there are always people with money, no matter what the economy is doing.
    2. We always treat our customers as if our livelihoods depended on them, because it does. This goes beyond pleasantries exchanged at the cash register. We warmly greet everyone that walks through our door, we are open on time every day, and we never close early or rush someone out the door just because it's time to clean up and go home. It completely blows my mind whenever I encounter bad customer service from someone.
    3. We found a niche, and filled it. Yes, you can get gourmet cheese at the grocery store nowadays, but you can't get the depth of knowledge about the cheese from our competitors. Same with the wine selection; we hired a sommelier to consult with us so that we could offer something our competitors did not. In other words, you can fill a niche anywhere, just by doing it better than everyone else.

    Because of the way we treat our customers, they are spreading the word. Every single day we get a few new customers that tell us they've been meaning to come by because their next door neighbor or co-worker or best friend or sister was "bugging the hell out of" them. Speaking of spreading the word, we advertise where we can best reach our intended customers, which in this case happens to be the local newspaper and Facebook.

    Good luck,

    Will
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    • Profile picture of the author krull
      Thanks for the informative replies. Whether I like it or not, I'm launching this new business in the next 1-2 months. I honestly don't know what's going to happen. I've built a list for a long time and now it's time to put it to the test. I've definitely played my cards right so that gives me hope, but there's always been the 'what if' in the back of my head, wondering if this will be successful or not.

      Once it's up and running, from there on out it's just promoting the hell out of it and building it up. The ONLY part I'm worried about is launching it, so that's why I posted this thread. If it succeeds, then good. If it goes live and it doesn't, then that'll only kick me in the rear and make me work toward making it work.
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  • Profile picture of the author menu item
    Speaking of the econ. I would suggest ya start a const.biz in cali.
    I/m is looking better every day ,just sayin.
    Tommy
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  • Profile picture of the author DogScout
    If it is a niche that you can have appeal to the affluent, there is never a bad economy
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  • Profile picture of the author Tyler Pratt
    Now is the best time to start an internet business. The growth of the internet will continue for as long as the internet is alive.
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    • Profile picture of the author krull
      Hm... do you guys know of any studies that have been done as to how much people spend on vs offline generally, and maybe with certain markets? I don't know why I didn't realize this earlier but it just hit me that many are switching over to the net for their purchases.

      I read a thing where it said CC transactions on the net have increased significantly over the past few years.
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  • Profile picture of the author mywebwork
    Perhaps you'll find this inspiring:

    14 Big Businesses That Started in a Recession - Inside CRM

    It's a list of some major corporations, including GE, FedEX, HP and Microsoft that were started during bad economies. They all survived and became the giants we know today.

    If life deals you lemons you make lemonade!

    Good luck with your business, hope it's a real success.

    Bill
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